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Jaguar Land Rover to cut thousands of UK jobs

LONDON — Britain's biggest carmaker Jaguar Land Rover (JLR) is set to cut thousands of jobs as the company faces lower demand in China and a slump in sales of diesel cars in Europe. The central English firm builds a higher proportion of its cars in Britain than any other major or medium-sized carmaker and has also spent millions of pounds preparing for Brexit, in case there are tariffs or customs checks. Britain's business minister Greg Clark said on Thursday it is clear why a no-deal Brexit would add to the problems with further costs and disruption. JLR lost 354 million pounds ($450 million) between April and September 2018 and had already cut around 1,000 roles in Britain, shut its Solihull plant for two weeks and announced a three-day week at its Castle Bromwich site. Its Chief Executive Ralf Speth warned in September that the wrong Brexit deal could cost tens of thousands of car jobs and posed a threat to production at the automaker. The Tata Motors-owned company, which employs around 40,000 people in Britain and has boosted its workforce at new plants in China and Slovakia in recent years, unveiled plans to cut costs and improve cash flows by 2.5 billion pounds last year including "reducing employment costs and employment levels." Those cuts will be "substantial" and run into the thousands, the source told Reuters. "The announcement on job losses will be substantial, affecting managerial, research, sales, design," said the source, who spoke on condition of anonymity, not affecting production-line staff "at this stage." The company declined to comment when contacted by Reuters on Thursday. Ford also said on Thursday it will cut thousands of jobs in Europe, exit unprofitable markets and discontinue loss-making vehicle lines as part of a turnaround effort aimed at improving profit margins in the region. Brexit warnings JLR, which became Britain's biggest carmaker in 2016, had been on course to build around 1 million vehicles by the turn of the decade, reported on Thursday a 4.6 percent drop in full-year sales to just under 600,000 vehicles. Demand in China, which had once been one of its strongest countries but has since been hit by a slowdown, fell by 21.6 percent, the biggest drop of any of its markets. "The economic slowdown in China along with ongoing trade tensions is continuing to influence consumer confidence," said Jaguar Land Rover Chief Commercial Officer Felix Brautigam.

Jaguar Land Rover won't get a bailout from the UK

Bailout talks between Jaguar Land Rover and Tata Steel with the UK government have ended, leaving both firms to rely on private financing to overcome the impact of coronavirus on business, the Financial Times reported on Friday. The report said that talks for an emergency funding fell through as Jaguar Land Rover (JLR) did not qualify for taxpayer support. It is the luxury car unit of India's Tata Motors and Tata Steel, both owned by Indian conglomerate Tata Group. The bailout plan, titled "Project Birch", had been authorized by Finance Minister Rishi Sunak in May to rescue companies that are seen as strategically important, with the Treasury saying it may step in to support crucial businesses on a "last resort" basis after other options run out. The report, citing a source familiar with the matter, said that the funding scheme became infeasible for Tata as it imposed strict conditions on any lending. "Tata Steel remains in ongoing and constructive talks with the UK Government on areas of potential support," Tata Steel said in an emailed statement. The UK Treasury said it would not comment on individual companies. Tata Motors did not immediately respond to request for comment. Related Video: Earnings/Financials Government/Legal Jaguar Land Rover

Is Land Rover developing an all-electric Tesla Model X rival?

Tesla will soon put its all-electric Model X crossover on sale, and if it's anywhere near as successful as the brand's four-door sedan the Model S, then it'll be a hell of an attention getter for mainstream automakers. Land Rover isn't waiting for proof of the Model X's success, though. According to reports, Land Rover could be preparing an all-electric Range Rover. Likely more crossover than full-size SUV, the new vehicle would probably be far more aerodynamic than current models. But the new EV would still take advantage of LR's high-tech aluminum structure, and could potentially be a close relative of the production Jaguar C-X17, according to Autocar. It seems unlikely that this new Land Rover EV will have the off-road chops of the brand's other models, but that doesn't mean that will be useless on the rough stuff. AC, citing Land Rover design boss Gerry McGovern, claims that a height-adjustable air suspension will allow a low, aerodynamic ride height for high-speed travel while it can easily be transitioned to a higher level for off-road duty. As for range, AC believes (and we agree) that a successful effort would need to get as close as possible to the Model S' 265-mile EV range. Autocar is anticipating a price of around 90,000 pounds, equivalent to $144,000, which roughly matches the cost of a UK-market Model S. If the Range Rover EV comes stateside, we'd wager that prices will start under six figures, much like the US-market Tesla.